New York, NY -- (SBWire) -- 03/19/2021 --The Diagnostic Imaging Services Market was valued at USD 509.52 billion in 2019 and is expected to reach USD 749.09 billion by the year 2027, at a CAGR of 4.9%. Diagnostic imaging, widely known as medical imaging, is a diagnostic method that includes the use of electromagnetic radiation and other technologies, which produce images of internal structures of the body that help inaccurate diagnosis.
Medical imaging significantly, X-ray based diagnosis and ultrasonography, is crucial in a variety of medical examination processes and at all major levels of health care. The growing incidence of chronic diseases, including substantially cardiovascular diseases and cancer, is anticipated to drive the market in the future. The growing geriatric population across the world could also propel market growth. This population is extensively prone to chronic diseases due to which they prove to be a growth factor for the market. The increasing awareness about early disease diagnosis among people for better treatment may also be a growing factor for the market. Moreover, the increasing initiatives taken by various government and healthcare institutions to spread awareness about diagnostic test services may drive the market in the future. The use of diagnostic tests is expanding with the introduction of new diseases in the market, which may anticipate the industry in the future.
Key companies operating in the market and profiled in the report include:
RadNet, Inc, Alliance Medical, Global Diagnostics, Sonic Healthcare, Concord Medical Services Holdings Limited, Novant Health, Center for Diagnostic Imaging, Inc., InHealth Group, Siemens Healthineers, and MedQuest Associates, Inc.
COVID-19 Impact: During the COVID-19 pandemic, two of the most crucial priorities are defending patients and providing clinically useful imaging services. In the midst of COVID-19 infection, the diagnostic imaging services are expected to have a profound impact in the near future. In an effort to facilitate those priorities, the World Federation for Ultrasound in Medicine and Biology Safety Committee published guidance in Ultrasound in Medicine and Biology, on how to perform safe scans, as well as how to clean and disinfect the machines to reduce transmission of the virus. These recommendations can be used in concert with a facility's standing protocols and procedure. In the treatment process, diagnostic imaging is critical in assessing severity and disease progression in COVID-19 infection. According to the American College of Radiology, a array of chest imaging elements have been stated, similar to those found in other types of coronavirus syndromes. Furthermore, the continued spread of COVID-19 infection has added new urgency to set up a system that allows for greater interoperability and image exchange. In the midst of the outbreak, diagnostic imaging facilities have adopted guidelines in place to manage individuals with known or suspected COVID-19 infection. The chest x-ray has emerged to be a frontline diagnostic imaging test. Continuous research and examination are being done pertaining to the pandemic. As further research proceeds, the diagnostic imaging services will help the healthcare providers to develop an impactful strategy to curb the potential risk of infection. Apart from productive and efficient diagnostic services, AI and machine learning are likely to improve the experience of patients throughout the imaging process. Some of the major use cases of AI in diagnosis include automatic protocol selection and system optimization, asset utilization and caseload management, and automatic scheduling of post imaging follow-up. Additionally, increasing the use of imaging biomarkers and quantitative imaging in clinical practice and the growing workload of service providers are expected to drive the.
Regionally, North America accounted for the biggest share in the market due to the incidence of multiple diagnostic centers and the growing prevalence of diseases in the region due to the rising prevalence of unhealthy lifestyles. Moreover, the Asia Pacific region is expected to be the fastest-growing segment of the market attributed to the presence of a huge geriatric population in the region.
Some other factors that may hamper the market growth include the high cost of diagnostic services and reduced reimbursement scenario for outpatients.
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Further key findings from the report suggest
Mergers and acquisitions are expected to drive the market widely as various key players have merged to form new products. For instance, in May 2018, RadNet got into a merger with Emblem Health to expand the company's diagnostic imaging services in New York. Furthermore, RadNet has known to acquire various key market players to keep its strong presence in the market.
In 2019, RadNet acquired Kern Medical Group's outpatient radiology practice. Kern Medical Group is a California based company with five established medical centers in Baskerfield, California, U.S.
In March 2019, a joint agreement between Dignity Health and Shields Health Solutions was introduced wherein specialty services for patients including diagnosis of complex chronic diseases.
In 2020, A new smart imaging system is been launched by Ping Insurance company of China, Ltd headquartered in Shenzhen, China assisted doctors with efficient and accurate diagnosis by leveraging Artificial intelligence for detection of COVID19.
For the purpose of this report, Reports and Data has segmented the Diagnostic Imaging Services market on the basis of type, technology, application and region:
By Type Outlook (Revenue in Million USD; 2017–2027)
X-ray Imaging
Magnetic Resonance Imaging (MRI)
Computed Tomography (CT)
Ultrasound
Nuclear Imaging
Mammography
By Technology Outlook (Revenue in Million USD; 2017–2027)
2D
BnW
Color
3D/4D
By Application Outlook (Revenue in Million USD; 2017–2027)
Orthopedics
Cardiovascular
Neurology
Pelvic & Abdomen
Oncology
General Radiography
Dentistry
Fluoroscopy
Obstetrics & Gynecology
Mammography
Others
Regional Outlook (Revenue in Million USD; 2017–2027)
North America
U.S
Canada
Europe
Germany
France
UK
Spain
Italy
Rest of the Europe
Asia Pacific
China
India
Japan
Rest of Asia-Pacific
Middle East & Africa
Latin America
Brazil
Key Summary of the Report:
Comprehensive analysis of the market including risks and opportunities
Details of business strategies and plans undertaken by key market players
Analysis of current and future trends that will affect the growth of the market in the forecast timeline
In-depth analysis of drivers and constraints for better understanding of the market
The report encompasses a detailed forecast for the years 2021-2028
Table Of Contents:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2017-2027
Chapter 3. Indicative Metrics
3.1. Macro-Economic Indicators
3.1.1. Increasing geriatric population
3.1.2. Rising prevalence of chronic disorders
Chapter 4. COVID 19 impact assessment
Chapter 5. Global Diagnostic Imaging Services Segmentation & Impact Analysis
Chapter 6. Global Diagnostic Imaging Services Market by Type Insights & Trends
Chapter 7. Global Diagnostic Imaging Services Market, By Technology Insights & Trends
Continued…..
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Diagnostic Imaging Services Market Key Companies, Business Opportunities, Competitive Landscape and Industry Analysis Research Report by 2027
Diagnostic Imaging Services Market Size – USD 509.52 Billion in 2019, Market Growth – CAGR of 4.9%, Market Trends– Mergers and acquisitions are established among key players to expand their market in various regions.